‘This Is A Big Deal’—Bitcoin Price Braces For A $150 Billion BlackRock Game-Changer,
BlackRock is adding a 1% to 2% allocation to the IBIT iShares Bitcoin Trust ETF in its target allocation portfolios that allow for alternatives and are aimed at investors with higher risk tolerance.
BlackRock led a campaign to get a spot bitcoin ETF approved in the U.S. through 2023, with a fleet of bitcoin funds making their debut in January 2024 before surging to become some of the fastest growing ETFs of all time.
U.S. spot bitcoin ETFs broke $100 billion in net assets for the first time in November, led by BlackRock’s $48 billion iShares Bitcoin Trust (IBIT), giving those holding it exposure to its near-600,000 bitcoin.
Last month, Abu Dhabi’s $1 trillion sovereign wealth fund revealed it purchased $436 million worth of BlackRock’s bitcoin ETF during the final quarter of last year, kicking off a global adoption “race” amid calls for the creation of a strategic bitcoin reserve to reduce the U.S.’s spiraling, near-$36 trillion national debt.
Source: FORBES
